Portman reveals 2005 interim results

Portman has issued its interim results, revealing a strong start to the year.

The results show total assets up 7% to 16.5bn in the first half of the year, and total profit before tax a record 39.3m.

The Society reports new residential mortgage lending up 37% on the second half of 2004, and management expenses ratio down to 0.74%.

Robert Sharpe, chief executive of Portman, says: “I am pleased to report another excellent set of interim results.

“Following the successful implementation of Mortgage Regulation, and despite the fall in the number of housing market transactions, lending volumes have increased by 37% compared with the final six months of 2004.

“I am confident that the Group will achieve its growth, profit and capital targets for 2005.”